A central valve (1) for a camshaft adjusting device including a control piston (2) having a first (3) and a second (4) control edge which enclose a first annular groove (6), including a valve housing (26), on the peripheral wall of which openings (14, 15, 16, 17, 18) are disposed, and including pressure medium paths extending between a feed connection and a discharge connection P, T of which the adjustable configuration is predetermined by the control edge geometry and the arrangement of the openings (14, 15, 16, 17, 18) and the adjusted configuration is dependent upon the relative axial position of the control piston (2).